Fraud has become the industry's public enemy number one, a relentless leviathan siphoning $30 billion from P&C insurers annually. Writhing in financial turmoil, legions of desperate, emboldened consumers and businesses are all too happy to pass the economic burden to insurers and the general public.
To compound matters, insurers and law enforcement are confronting a new enemy, one with a tangled web of violent cohorts and vast resources with which to carry out schemes involving bogus clinics and staged accidents, among many other crimes. Even more troubling is the fact that this emerging band of fraudsters is capable of escalating acts of violence.
As Dennis Jay explains in this month's cover story, this dangerous threat is the organized, criminal empire—the mobsters among us. Earlier this year, in high-profile busts in New York and Florida—two states known for the most significant and costly proliferation of PIP fraud in the country—investigators successfully dismantled organized rings that bilked nearly $300 million (combined) from insurers. But we fear this story has only just begun.
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